NYC's Record-High Rent May Have Hit Peak: Study

NEW YORK CITY — New York City's rents stayed at record levels during August, with a typical Manhattan pad fetching $4,400, a new study found.

But the study released this week by Douglas Elliman suggested that the feverish prices of this summer could be about to break.

"Rental prices remained at records but may be peaking," a study snapshot stated.

The study's cautious prognostication came from downward dips in lease signings, which suggest renters may have reached their limit with high rents.

August is normally the height of lease signing season, but Manhattan saw new leases dip 14 percent below the same period last year, according to the study.

The year-over-year drop was much sharper in Brooklyn and Northwest Queens, which saw new lease signings decline 40.5 percent and 46.1 percent, respectively, the study found.

But while signings lagged, prices have stayed high.

Brooklyn's median rent stood at $3,850, the second-highest on record for Douglas Elliman studies.

Northwest Queens was even more expensive, with typical rents hitting $3,900 — a 27.2 percent surge over the past year and 31.8 percent higher than pre-pandemic levels, the study found.

Read the full study here.